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Motorola to buy video company BitBand
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Signage for Motorola is displayed outside their office building in Tempe, Arizona in this October 29, 2009 file photo.
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NEW YORK |
NEW YORK (Reuters) - Motorola Inc on Monday said that it would buy privately held BitBand, an Israel-based video-on-demand technology provider, to expand its home video business.
Motorola said it would integrate BitBand into its Home and Networks Mobility unity, for which the company has reportedly been looking for a buyer willing to pay $4 billion to $5 billion.
Motorola, which is losing money on its mobile phones business, did not disclose the terms of the BitBand deal. It expects to close the transaction in the current quarter.
BitBand provides Internet-based television technology to 60 operators in countries such as Holland, Italy and Russia, Motorola said.
Shares of Motorola rose 8 cents to $8.86 in morning trading on New York Stock Exchange.
(Reporting by Sinead Carew, editing by Dave Zimmerman)
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